Portland General Electric Q1 Results Top Estimates; Cuts FY16 EPS View

(RTTNews) - Portland General Electric Co. (POR) reported Friday that its first-quarter net income rose to $61 million or $0.68 per share from $50 million, or $0.62 per share last year.

The increase in earnings mainly resulted from higher retail load due to more favorable weather than the prior year's record-setting mild winter.

On average, 10 analysts polled by Thomson Reuters had expected the company to earn $0.61 per share. Analysts' estimates typically exclude special items.

The company said revenue for the quarter rose 3% to $487 million from $473 million last year. Analysts expected revenues of $468.56 million. An increase in retail revenues was partially offset by a reduction in wholesale revenues.

2016 guidance reduced from $2.20 - $2.35 to $2.05 - $2.20 due, primarily, to unfavorable wind and weather (approx. 12 cents EPS) and incremental costs to complete Carty (approx. 2 cents EPS)

Further, the company lowered its 2016 earnings guidance to $2.05 - $2.20 per share from previously expected $2.20 - $2.35 per share. The change in guidance is based on unfavorable wind in February and March and weather conditions in February, March and early April, and incremental costs needed to complete the Carty Generating Station.

Analysts expect earnings of $2.23 per share for the year.